> For the complete documentation index, see [llms.txt](https://docs.origami.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.origami.finance/the-second-fold-v2/deprecated-vaults/lovusual-collection/usd0++-10x/vault-synopsis.md). # Vault Synopsis Usual (USD0) is a decentralised fiat-backed stablecoin. Users may unlock the productive potential of USD0 by buying USD0 Liquid Bonds (USD0++), which is an enhanced 4-year DeFi T-Bill secured by locked USD0. Users may exit USD0++ at any time at the current market price. USD0++ is designed to exceed the risk-free yield and which is liquid, composable, and backed solely by locked USD0 over a 4-year period. USD0++ not only provides a boosted yield, but also provides a stake in the Usual Protocol’s governance and future revenues. Post pre-launch, USD0++ yield will be paid daily in $USUAL, with a guaranteed minimum return equal to the actual risk-free rate, paid in USD0. Protocol yields are distributed through the $USUAL token, which will also serve as the governance token. Through the $USUAL token, the user may benefit directly from the growth and success of the Usual protocol. The Origami USD0++ 10x vault allows users to farm Usual yield with 5x leverage. When the user deposits USD0++, the vault will fold the effective exposure to the underlying by borrowing USDC against the USD0++ collateral in the [Morpho USD0++/USDC 86% LLTV pool](ttps://app.morpho.org/market?id=0xb48bb53f0f2690c71e8813f2dc7ed6fca9ac4b0ace3faa37b4a8e5ece38fa1a2) and swapping it for more USD0++.\ \ Origami provides an estimated *implied APY* based on what users are currently paying for the USD0++ YT token on Pendle. See [here](/the-second-fold-v2/rewards.md#how-we-calculate-implied-apr-for-ethena-sats) for how we derive the implied APY from the Pendle YT Oracle. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.origami.finance/the-second-fold-v2/deprecated-vaults/lovusual-collection/usd0++-10x/vault-synopsis.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.